reports
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy: Winners, Losers & Tactical Positioning Amid Temporary Ceasef...
Winners, Losers & Tactical Positioning Amid Temporary Ceasefire Temporary ceasefire. Following a period of escalating tit-for-tat tariffs that caused significant collateral damage to both economies, the US and China have reached a 90-day truce, agreeing to temporarily suspend the bulk of tariffs on each other’s goods. Under this agreement, reciprocal tariffs will be sharply reduced with the US lowering those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10%...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 1Q25: Within House Expectation; Tr...
1Q25: Within House Expectation; Trudging In A Choppy Sea Pentamaster’s 1Q25 results were in line. Orderbook dwindled to RM350m as customers adopted a wait-and-see stance amid persistent global trade uncertainties. The group is actively exploring opportunities across the advancements in AI, DC, high performance computing and networking to mitigate sector-specific downturns. After a 28% rebound from its recent trough, we believe the stock now reflects a more balanced risk-reward profile. Downgrade...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Notes - Friday, May 09, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales down wow due to holiday. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Internet: Expecting ample monetisation potential on promising game pipelines in 2025. Results Budweiser APAC (1876 HK/BUY/HK$8.31/Target: HK$12.00): 1Q25: EBITDA declines 11% yoy; China’s consumer confidence and on-premise channels show no significant recovery; expects sell-in to match sell-through in 2H25. Galaxy Entertainment Group (27 HK/BUY/HK$3...
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
ASII PT ASTRA INTERNATIONAL TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
2209 YESASIA HOLDINGS LTD
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A Ringgit Resurgence Environment
Opportunities In A Ringgit Resurgence Environment The sharp ringgit appreciation driven by de-dollarisation and thus a broader reallocation of capital toward emerging market currencies support our view of a moderate upside for Malaysian equities. Key beneficiaries include importers and companies with high US dollar debt, while exporters may face margin pressure. While historical parallel suggests temporary trading opportunities, we recommend a tactical trading stance, focusing on value-driven op...
OMH OM HOLDINGS
4197 SIME DARBY BHD.
7160 PENTAMASTER CORP. BHD
5347 TENAGA NASIONAL BHD
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
0097 VITROX
AXIATA AXIATA GROUP BERHAD
YNS YINSON HOLDINGS BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
TDC TIME DOTCOM BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
CAPITALA CAPITAL A BHD
GENTMK GENTING BERHAD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
NE NORTHEAST GROUP BHD (NE MK)
- Desmond Chong Chee Wai
Technology - Uncovering Bright Spots Amid The Tariff-ied Pandora’s Box
Uncovering Bright Spots Amid The Tariff-ied Pandora’s Box The sector index has tumbled 32% ytd, with valuations now trading below -1SD to the seven-year forward PE mean. The key debate remains whether the sector has factored in imminent downside earnings risks, and fallen enough to justify bottom-fishing. To stress-test this, we model a double-burned down case − axeing earnings and applying a -0.5SD/-1SD valuation multiple. While the stress test highlight pockets of vulnerability, selective brig...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Paula Ruth
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 23, 2025
GREATER CHINA Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) World’s largest music platform with evolving social ecosystem. Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) 2024: Results in line; maintain 2025 revenue growth estimate of 8.8% yoy. iFlytek (002230 CH/SELL/Rmb45.18/Target: Rmb35.00) 2024 and 1Q25: Earnings miss on heightened R&D spending; solid top-line growth. Update Sunn...
0166 INARI AMERTRON
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002230 IFLYTEK CO. LTD. CLASS A
7160 PENTAMASTER CORP. BHD
NANO NANOCO GROUP
0097 VITROX
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VSI V.S. INDUSTRY BERHAD
SKP SKP RESOURCES BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
NATGATE NATIONGATE HOLDINGS BHD
OPPSTAR OPPSTAR BERHAD
300244 DIAN DIAGNOSTICS GROUP CO
0303 ALPHA IVF GROUP
NE NORTHEAST GROUP BHD (NE MK)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Pentamaster Corporation Berhad: 1 director
A director at Pentamaster Corporation Berhad bought 60,000 shares at 1.935MYR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...
- Desmond Chong Chee Wai
Technology - Silicon Vision: Spearheading Malaysia’s AI Leadership Thr...
Silicon Vision: Spearheading Malaysia’s AI Leadership Through IP Innovation “Silicon Vision”, the first-ever country-level partnership with Arm Holdings, marks a transformative milestone in spearheading the frontier semiconductor evolution. While this multifaceted transformation is undeniably a complex endeavour, we are positive as this game-changing evolution could eventually drive a transformative waterfall effect across the entire semiconductor value chain, spanning across IC designer to equi...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 2024: Within Expectations; Trudgin...
2024: Within Expectations; Trudging Along A Choppy Sea Within expectations. Pentamaster Corporation (Pentamaster) reported a weaker 4Q24 core net profit of RM15.1m (-38% qoq, -35% yoy), bringing 2024 core net profit to RM79.5m (-10%) which accounts for 96% of our/consensus full-year estimates respectively. Note that 2024 core earnings have been adjusted for the unrealised forex losses (RM14.6m) and other one-off impairment related to inventory and expected credit loss allowance on receivables.
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - Unlocking Strategic Synergies And ...
Unlocking Strategic Synergies And Valuation Benefits Through The Privatisation Of Its Hong Kong Unit Pentamaster Corporation (PCB), together with Puga Holdings (Puga) as joint offerors, has proposed the privatisation of its 63.90%-owned subsidiary, Pentamaster International (PIL) which is currently listing on the Hong Kong Stock Exchange (HKSE). Under the joint offerors agreement, PCB will increase its stake in PIL from 63.90% to 71.00% through the acquisition of an additional 170.4m shares (or ...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 3Q24: Below Expectations; Awaiting...
3Q24: Below Expectations; Awaiting An Inflection Point Pentamaster’s results came in below expectations. While orderbook improved slightly to RM420m, any substantial improvement could be seen only in 2H25 on the absence of strong visibility in the automobile segment. The group is scouting for opportunities across advancements in AI, DC, high performance computing and networking to mitigate sector-specific downturns. We cut our 2024/25 earnings forecasts by 8%/9% respectively. Maintain HOLD. Targ...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tham Mun Hon
Regional Morning Notes: Friday, November 08, 2024
GREATER CHINA Economics Trade Surprising beat on exports. Sector Automobile Weekly: Trump’s tariff to reshape China automobile supply chain. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Galaxy Entertainment Group (27 HK/BUY/HK$36.35/Target: HK$46.00) 3Q24: EBITDA decline due to higher reinvestmen...
BCP THE BANGCHAK PETROLEUM PCL
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
D05 DBS GROUP HOLDINGS LTD
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
ITMG INDO TAMBANGRAYA MEGAH
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
INCO VALE INDONESIA
M3I MINTH GROUP LIMITED
BSDE PT BUMI SERPONG DAMAI TBK
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ACES PT ACE HARDWARE INDONESIA TBK
ASII PT ASTRA INTERNATIONAL TBK
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
G13 GENTING SINGAPORE LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
DLG DIALOG GROUP BHD
LPN LPN DEVELOPMENT PCL
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
ADROIJ ADARO ENERGY
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Philip Wong
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Waritthorn Kaewmuang
Regional Morning Notes - Friday, May 12, 2023
GREATER CHINA Economics Inflation: Headline inflation lower; core holds steady. Money Supply: Liquidity remains ample, but households delevered. Sector Automobile: Weekly: April car sales beat; further recovery in the first week of May. Maintain UNDERWEIGHT. Top BUYs: BYD, Li Auto and CATL. Internet: Cloud industry development facilitated by recent AIGC breakthrough. Results JD.com (9618 HK/BUY/HK$135.00/Target: HK$216.00): 1Q23: Earnings beat; soft 2Q23 top-line growth. INDONESIA Sector Proper...
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
GFPT GFPT
7160 PENTAMASTER CORP. BHD
BCH BANGKOK CHAIN HOSPITAL PCL
SPOST SINGAPORE POST LTD
HEIM HEINEKEN MALAYSIA BHD
1706769D MR DIY
GREATEC GREATECH TECHNOLOGY BHD
09618 JD.COM INC. CLASS A
9CI CAPITALAND INVESTMENT LTD
ONEE THE ONE ENTERPRISE PCL
- Carol Dou Xiao Qin
- Chaiwat Arsirawichai
- Desmond Chong Chee Wai
- Jessie Guo Yuting
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Ken Lee
- Limartha Adhiputra
- Llelleythan Tan Tan
- Selvi Ocktaviani
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Xiu Li Yap
Regional Morning Notes - Friday, November 2, 2022
GREATER CHINA Sector Automobile: Weekly: China October EV sales disrupted by COVID-19 lockdowns. Maintain OVERWEIGHT. Top picks: CATL, Fuyao Glass and Xusheng. Update Sino Biopharmaceutical (1177 HK/HOLD/HK$4.05/Target: HK$4.00): 9M22 revenue growth in line; guiding for double-digit revenue and earnings growth in 2022. INDONESIA Results Bukalapak.com (BUKA IJ/BUY/Rp280/Target: Rp480); 3Q22: Records positive margin contribution for the first time. Champ Resto Indonesia (ENAK IJ/HOLD/Rp1,990/Targ...
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
NANO NANOCO GROUP
SPOST SINGAPORE POST LTD
LPN LPN DEVELOPMENT PCL
IGBREIT IGB REAL ESTATE INVESTMENT T
BUKA BUKALAPAK.COM PT TBK
ENAK CHAMP RESTO INDONESIA TBK
8AZ AZTECH GLOBAL LTD
PENTAMASTER CORP increases its risk exposure and slightly lowers to Ne...
PENTAMASTER CORP (MY), a company active in the Industrial Machinery industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date January 14, 2022, the closing price was MY...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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